Encounter Resources Ltd (ASX:ENR) has picked up a slew of high-grade niobium intercepts and continuous shallow carbonatite through aircore drilling at its Crean target – part of the wider Aileron critical minerals project in Western Australia.
And the market has responded enthusiastically, with shares rising to 55 cents by 11:44 AEST, an increase of 59.4 percent since the market opened.
The drilling program at Crean had been targeting shallow and high-grade niobium and REE (rare earth elements), with first assays from the most western drill line revealing the hoped-for mineralisation in three adjacent drill holes.
Intercepts included 52 metres at 3.0 percent Nb2O5 (niobium oxide) from 81 metres to EOH (end of hole) including 16 metres at 6.0 percent Nb2O5; 32 metres at 2.5 percent Nb2O5 from 67 metres to EOH including 12 metres at 3.3 percent Nb2O5; and 15 metres at 1.5 percent Nb2O5 from 120 metres to EOH including 2 metres at 3.3 percent Nb2O5.
The trend of mineralisation here – as well as being shallow – also extends over 800m long, appears to be gaining strength to the west and remains open.
Encounter is anticipating results from the second batch of aircore sampling – focused on Crean, but also Emily and Hurley – by July.
Managing Director Will Robinson said this type of exploration work was revealing impressive results in the West Arunta region of Western Australia.
“Aircore drilling is opening up new fronts of shallow niobium-REE carbonatite hosted mineralisation at Aileron,” he said.
“The aircore rig completed over 10,000m of drilling in its first month on site. This drilling has expanded the near surface footprint of the Crean, Hurley and Emily carbonatites.
“Aircore drilling is proving to be a fast, low impact and cost-effective method to discover near surface niobium-REE mineralisation in this part of the West Arunta.”